'The Suits' plans to re-mould the traditional legal structure for start-ups
'The Suits' plans to re-mould the traditional legal structure for start-upsNew Delhi, Sept 24 (KNN) Proceeding ahead with the vogue of digitalizing business and bringing among the widening circle of e-commerce, now turns in the legal services.
The Suits is an online portal to obtain premium legal services that provides affordable Premium Legal Services to startups and growing ventures.
Alankar Narula, the founder of The Suits has taken the responsibility to re-mold the traditional legal structure. KNN had a brief conversation with the founder to know more about the recently established startup.
Started 2 years ago, The Suits have grown to become a leading online portal to obtain legal services from just another resource website.
“We specialize in helping startups with all their Legal Documentation, Registrations, Website Legal Documents, Agreements and Contracts, and much more” said Narula.
Narula belongs to a family of lawyers and will be the third generation lawyer next year. He was in the first year of law school when he was looking for bare-acts online but wasn’t able to find any.
“After the semester exams I began the work on the website and we initially offered free legal advice and resources along with free advice on taxation and business affairs,” Narula disclosed, adding “However after seeing the growing demand for Legal Services we started providing Affordable Legal Services to startups in March this year and have served numerous startups.”
On being enquired about the working procedure of the enterprise, Narula responded by saying, “Once an order is received it is forwarded to a suitable attorney and it is submitted to the client within 48-72 hours on receipt of complete payment. We allow the client to go through the document and get any iteration he needs in the documents.”
As for any another enterprise, The Suits also faced certain road rocks during its establishment. Narula revealed that it was quite a challenge for him to start The Suits as he had no sense on how to run a business. “I didn’t know how to create a business plan and I’m not ashamed to say that the business idea for The Suits was quite poor for its initial years,” he said.
Also, the start-up had lack of funds and couldn’t advertise. “However, I learnt everything step by step and today I’m confident enough to say that I can run The Suits just how I had planned to,” uttered the founder.
Sharing his experience of the initial days of the business, the founder said he took funds from his family for starting up. Later on he used to save up on his expenses and use it for the website’s growth.
The estimated annual turnover of The Suits for this year is about Rs 15-20 lakhs.
The USP of the start-up is that it provides Affordable Legal Services to each and everyone with services at par to a Top Notch Law Firm.
As per the view of the founder, e-commerce is a growing platform for each and every person in today’s society.
However, he also holds the belief that it’s now becoming tough for new ventures with low investments to enter the field because of the increasing competition.
“At this moment it is visible that 30-40 per cent people have already shifted to shopping online due to the advantages of online shopping and in the next 5 years I don’t feel there would be many people who would not be shopping online,” claimed Narula.
Narula is of the view that with the upcoming government policies, loans, etc SME’s are surely being benefitted a lot and in the years to come, all those people who have brilliant ideas but lack of confidence and funds will soon come up with their ventures and amaze the citizens of India.
On being asked about the future plans for The Suits, he said with a pause, “I cannot predict the future for The Suits because we upgrade ourselves to the needs of the society on a daily basis.”
However, they certainly plan to capture 50 per cent more market by the end of this year and then probably expand abroad and help people all over the world.
Narula also believes that the government is doing a great job by promoting entrepreneurship and startups in India and it is with the help of the government that new ventures are coming up each day.
“There have been reports saying that 10-15 start ups launch each day all over India and I’m sure that’s a really less number and the actual number would be a lot more than that, to whom we'd be happy and proud to help!” concluded the founder. (KNN/ J)